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Corporate governance, internal audit function and accountability in statutory corporations

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  • Zainabu Tumwebaze
  • Veronica Mukyala
  • Bob Ssekiziyivu
  • Caroline Bonareri Tirisa
  • Ashim Tumwebonire

Abstract

The purpose of this study was to establish the contribution of corporate governance and internal audit function on accountability in statutory corporations. This study is cross sectional and correlational. Data were collected through a questionnaire survey of 66 corporations. Data were analysed using Statistical Package for Social Sciences. Correlation results indicate a positive association between corporate governance and accountability as well as internal audit function and accountability while regression results indicate that only internal audit function is a significant predictor of accountability. The regression model shows that both internal audit function and corporate governance predict 36.2% of the variance in accountability of statutory corporations. This study is relevant to policy makers in terms of ensuring strong policies are in place to manage risks and to make sure that there are effective internal controls for better accountability in these enterprises. Whereas both corporate governance and internal audit function had been viewed as possible explanations of accountability, this study only confirms internal audit function as a significant predictor of accountability.

Suggested Citation

  • Zainabu Tumwebaze & Veronica Mukyala & Bob Ssekiziyivu & Caroline Bonareri Tirisa & Ashim Tumwebonire, 2018. "Corporate governance, internal audit function and accountability in statutory corporations," Cogent Business & Management, Taylor & Francis Journals, vol. 5(1), pages 1527054-152, January.
    • Handle: RePEc:taf:oabmxx:v:5:y:2018:i:1:p:1527054
    DOI: 10.1080/23311975.2018.1527054
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    Cited by:

    1. Georgios Kontogeorgis & Nikolaos Varotsis, 2021. "Reinstating Greek E-Governance: A Framework For E-Government Benchmarking, Improvement And Government Policies," Public administration issues, Higher School of Economics, issue 6, pages 103-127.
    2. Norita Mohd Noor & Amran Rasli & Mas Anom Abdul Rashid & Muhammad Faraz Mubarak & Imelda Hermilinda Abas, 2022. "Ranking of Corporate Governance Dimensions: A Delphi Study," Administrative Sciences, MDPI, vol. 12(4), pages 1-17, November.
    3. Aditya Aji Prabhawa & Iman Harymawan, 2022. "Readability of Financial Footnotes, Audit Fees, and Risk Management Committee," Risks, MDPI, vol. 10(9), pages 1-21, August.
    4. Obey Dzomonda, 2022. "Environmental Sustainability Commitment and Access to Finance by Small and Medium Enterprises: The Role of Financial Performance and Corporate Governance," Sustainability, MDPI, vol. 14(14), pages 1-20, July.

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